reportof-NASA.ppt

NASA Advisory Council Meeting October 18 NAC Meeting Review Fund Balance With Treasury – In Balance Environmental Liability - Need IVV Cleanup cost estimate Property Plant Equipment (Long Pole in Tent) FASAB accepted change in accounting for theme assets PPE (06 Financial Statement) $33.2B RD Reclassification – Prior Years 12.7B RD Reclassification – FY07 6.0B Anticipated FY07 Balance 20.5B ~ Space Exploration PPE (ISS, Shuttle, WIP) 18.4B Building Structure 2.1B OCFO Personnel FTE’s – 19 FTE’s Below Authorized NASA Shared Services Center – moving forward cautiously Grant Accounting – May 2008 implementation with SAP version 8.1 upgrade 4400 Grants $850M ERNST YOUNG September 30, 2007 Audit Report Background: FY 2003 NASA Implementation (IEMP) Integrated Enterprise Management Program FY 2007 NASA Implemented a System Upgrade to resolve certain system configuration issues. “Significant Progress had been made….But many improvements were either completed during the final quarter of FY2007 or are ongoing. Continue to identify issues related to Internal Controls And retention of documentation related to property accounting As a result of these limitations EY declined to express an opinion on financial statements for FY 2007 and/or on the effectiveness of NASA’s Internal Control over financial reporting. EY Audit Report dtdSeptember 30, 2007 (cont’d) Basis for Disclaimer Two Material Weaknesses Financial Systems, Analyses an oversight Controls over Property, Plant and Equipment (PPE) FY 2007 Audit Report versus 05 and 06 Reports Significantly greater granularity as regards control deficiencies A useable road map for remediation EY Audit Report dtdSeptember 30, 2007 (cont’d) Financial Systems, analyses, and oversight Progress was noted in: ? Core financial systems – another update planned ? Funds balance with t